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How Much Those Who Will Finish Holiday Shopping by November Plan To Spend — Does Your Budget Compare?

gollykim / Getty Images/iStockphoto
gollykim / Getty Images/iStockphoto

Jolly Old Saint Nick might be busy taking last-minute gift orders this holiday season, but most Americans plan to have their holiday shopping done well before then. More than half (57%) will buy their last gift by the end of November, according to a new survey from Zip, a digital financial services company that aims to simplify how people pay.

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The survey of 3,012 U.S. adults found that younger consumers are even more apt to wrap things up before December, with 74% of people ages 25-34 planning to do so. Among non-buy now pay later (BNPL) consumers, about half (51%) plan to finish their holiday shopping before December. Only 4% of respondents expect to wait until Christmas Eve to shop.

In a report accompanying the survey, Zip cited National Retail Federation (NRF) forecasts that Americans will spend between $957.3 billion and $966.6 billion this year, up 3% to 4% from 2022.

Here’s a look at how much certain consumers intend to spend this holiday season based on age and earnings:

  • Young adults (18 to 24) and those with earnings below $25,000 a year expect to spend no more than $50.

  • Consumers 35 to 40 expect to spend $101 to $250.

  • Those earning between $100,000 and $150,000 a year expect to spend $1,000 or more.

In terms of how they are shopping, about 70% of respondents said they plan to shop at online retailers such as Amazon, eBay, Walmart and Target. More than half (55%) expect to visit a brick-and-mortar store this holiday season. Young adults are most likely to shop over social media, while about 90% of high-income consumers prefer to shop at major online retailers.

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When it comes to gift choices, the survey held few big surprises. The top three picks across age groups are clothing (57%), toys (44%) and accessories such as handbags and jewelry (42%).

Meanwhile, the expected growth in holiday spending this year is below the growth rates for the prior three years, when trillions of dollars of pandemic-era stimulus led to “unprecedented rates” of retail spending, according to the NRF. The 2023 growth rate should be consistent with the average annual holiday increase of 3.6% from 2010 to 2019.

“It is not surprising to see holiday sales growth returning to pre-pandemic levels,” NRF President and CEO Matthew Shay said in a statement. “Overall household finances remain in good shape and will continue to support the consumer’s ability to spend.”

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This article originally appeared on GOBankingRates.com: How Much Those Who Will Finish Holiday Shopping by November Plan To Spend — Does Your Budget Compare?

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